The Bitcoin course has cracked the psychologically important mark of 12,000 US dollars.
There is the thing: after weeks of wrestling, the Bitcoin rate has overcome the resistance at $ 12,000. The largest cryptocurrency by market capitalization is currently trading at $ 12,180. BTC last saw this figure in July 2019, and now it depends on whether the bulls can defend the $ 12,000. Market analyst David Puell sees a fierce battle between two types of Bitcoin whales:
6) Finally, [unspent Bitcoin] clusters of whales confirm a great battle that is taking place. Two players are involved: top buyers at 12k-14k who hit their break-even price and current buyers who have been active after the first higher high in over a year.
Puell canceled his tweet series on August 16 – before today’s jump over $ 12,000. Bitcoin Hodler can now hope that Puell is right with his final assessment:
7) If we get a correction it will most likely lead to another large one of re-accumulations in the 10k range (as expected from the volume profile previously); if we break out, well… enjoy the ride. The course for scenario No. 2 seems to have been laid by the Bitcoin exchange rate with the jump above 12,000 US dollars – which is also in line with the stock-to-flow model.